Trend Line Holds, For Now

Tuesday 12 February 2008

Trend Line Holds, For Now

Trend Lines (Emini daily)

Long term trend line holds – for now. The Emini gapped up in the morning but couldn’t break 1,365. This level is both where the Emini meets the long term down trend line and the start of the break away gap of 5 days ago. The Emini also made a long-legged doji candlestick pattern today. See the chart above.

Volume Indicator (Emini 15 minute)

Although the Emini couldn’t make it through the down trend line today, I think it will try again. We had large buying volume in the last hour of the day that saw the Emini bounce at 1,340. I’m looking for a low volume test of the 1,340 level from which the next assault could start.

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